Lenders rates are lowered

Grovelawn Financial News 17/07/2008

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Products increase and interest rates lower

The number of lenders cutting their rates on mortgages is increasing. Nationwide, Abbey, Northern Rock and the Woolwich have all lowered their rates.

Swap rates have lowered over the past few weeks from 6.5 per cent to 5.8 per cent as a result of a feeling of stability slowly returns to the industry after a period of turmoil in the money markets.

Nationwide will be cutting their rates for most of their tracker and fixed rate mortgages by 0.24 per centage points, the average cut for a two year fixed rate loans for remortgaging are being lowered by 0.4 per cent.

Trigold, the mortgage industry's sourcing system for mortgage products has recently increased its product offering by 7.5 per cent which means they have an extra 1,060 products on their stystem. This minor increase in new product releases has been welcomed by the industry as a small step in the right direction.

← Bank charges under fire by the Office of Fair Trading | News For July 2008 | FSA to consider "Gold Standard" Mortgages →

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